Turkey

The tourism industry in Turkey is still trying to assess the medium-term cost of a wave of anti-government protests at the end of May and through June, but recent figures suggest at least some holiday-makers are choosing to forego a visit this summer.

Despite an improved performance so far in 2013, Turkey’s automotive sector is expected to continue to face hurdles over the coming years. The economies in some of its main export markets are underperforming and new challenges are arising from other producers looking to launch a drive into Europe, potentially raising the level of competition at home and abroad.

Government officials are becoming increasingly concerned that Turkish exporters could face stiffer competition in their biggest markets due to a looming free trade agreement (FTA) between the EU and the US, a deal that could undermine Ankara’s Customs Union with Europe.

Turkey is planning to polish its credentials as an international transportation hub by building one of the world’s largest airports in Istanbul, a facility that is intended to serve the growing travel market and also cater to transit traffic, though it will face stiff competition from established airports in the Middle East and Europe.

Turkey's deputy prime minister Ali Babacan recently spoke with OBG on the country's economic performance and 2023 development objectives.

With the launch of a new stock exchange, Borsa Istanbul, Turkey has taken one more step towards achieving its goal of becoming a regional financial centre.